Venture Global's (VG) proposed CP2 liquefied natural gas, or LNG, export project for Cameron Parish, Louisiana, has received the US Department of Energy's approval, the regulator said Wednesday.

The authorization permits CP2 to export LNG to non-free trade agreement regions, the DOE said, adding that upon CP2's construction, it will have export capacity of up to 3.96 billion cubic feet per day of LNG.

"CP2 LNG is a vital project for the US economy, balance of trade and global energy security," Chief Executive Mike Sabel said in an emailed statement to MT Newswires. "This will enable us to provide our allies around the world with American LNG in just a few years and for decades to come."

Shares of the company rose 4.6% in recent Wednesday trading.

Price: 11.39, Change: +0.50, Percent Change: +4.59